As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve witnessed numerous altseasons and their impact on various altcoins. The recent surge in Bitcoin’s price above $67k and Ethereum-led altcoins has rekindled my interest in potential undervalued altcoins.
Bitcoin‘s price surge above $67,000 on Friday significantly influenced the prices of most altcoins, including Ethereum, Solana, and Dogecoin. Additionally, there has been a notable increase in investments towards Ethereum-based ETFs that were recently approved, apart from Grayscale’s ETHE, over the past three days.
In the past few weeks, there’s been a noticeable boost in confidence within the altcoin market. This is due in part to an increasing number of institutional investors embracing web3 projects.
With Bitcoin’s dominance reaching a fresh annual peak of approximately 56.5 percent, various signs, including the weekly Relative Strength Index (RSI), suggest an imminent correction. Historically, Bitcoin’s dominance reversals following an upward trend have given way to significant altcoin seasons.
Top Altcoins to Buy Ahead
Based on insights from market intelligence platform Santiment, it’s recommended that crypto investors keep a close eye out for significantly undervalued altcoins to potentially reap high profits during the expected altcoin season. According to Santiment’s analysis, coins that have previously caused considerable distress for investors could offer the most substantial returns.
“According to Santiment’s analysis, if you think the markets are about to bounce back, historically speaking, investing in assets that have caused traders the most distress could potentially yield substantial gains.”
Uniswap (UNI)
As an analyst, I’d describe Uniswap (UNI) as a mid-level cryptocurrency with a fully diluted market capitalization of approximately $7.6 billion and a total value locked at roughly $5.5 billion. With over 381,000 on-chain holders, this decentralized finance platform has gained significant traction. In the last 24 hours, UNI experienced a notable increase of around 6 percent, trading near $7.65 on Friday.
Despite a significant decline, the UNI price remains approximately 83% below its record high of $44.92 against the US dollar, set back in May 2021. With an all-time low around $1.03, there is considerable potential for UNI to rise further during this bull market trend.
Shiba Inu (SHIB)
Shiba Inu (SHIB), the most popular meme token on Ethereum, has recently drawn significant interest from traders looking for speculative opportunities. With a market capitalization of approximately $16.8 billion and an average daily trading volume of around $267 million, this large-cap meme coin remains substantially below its all-time peak by over 80 percent.
The Shibarium layer two network’s widespread acceptance has brought substantial gains to the meme coin project. Moreover, this network has led to an uptick in the SHIB token’s burning rate, which was initiated by Vitalik Buterin.
Polygon (MATIC)
Polygon (MATIC), a prominent Ethereum network scaling solution, has experienced substantial growth due to Ether’s widespread acceptance. With a market capitalization of approximately $5 billion and total value locked at around $12 billion, this mid-level altcoin supports numerous web3 projects.
Despite currently trading at roughly 51 cents, which is over 82% below its all-time high (ATH), MATIC‘s price remains an appealing prospect for potential investors seeking profitability amidst some level of risk.
Chainlink (LINK)
Chainlink (LINK) is pivotal in making smart contracts accessible across various blockchain platforms. With a total valued market cap of approximately $13.4 billion, this established altcoin experienced a 3% increase over the last 24 hours and was priced around $13.4 on Friday.
Although institutional investors have significantly increased their holdings of Chainlink, the altcoin remains over 75% below its record price.
Cardano (ADA)
The cryptocurrency Cardano (ADA), which has a total value of approximately $18.6 billion, is indicating a forthcoming bullish surge based on current market signals. Currently priced at around 41 cents on a Friday trade, the altcoin experienced a gain of roughly 4.3 percent over the previous 24 hours. However, it remains over 86 percent below its all-time high.
XRP
As a researcher studying the cryptocurrency market, I’ve observed that Ripple‘s XRP, backed by Ripple Labs with a total market capitalization of approximately $60 billion, has experienced considerable growth in recent weeks. This development can be attributed to the promising advancements in the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). Consequently, XRP’s value has surged more than 30 percent within the past two weeks, reaching around 60 cents on Friday.
However, XRP’s price is still down more than 82 percent from its ATH.
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2024-07-26 15:27